PART B Moon Ltd acquired a plant for the cost of $58,000. It is expected that the plant will continue to be operational for seven years. The estimated residual value of the machine is $14,000 at the end of its useful life. Required: Calculate the depreciation charges in accordance with AASB 116 Property, Plant and Equipment for each of the first three years and prepare journal entries for the first year using the following methods: (a) Straight-line method (b) Declining-balance method, using a 33 per cent rate